https://arab.news/bpyna
RIYADH: Saudi Arabia’s Tadawul All Share Index crossed the 11,000-mark on Sunday after nearly five months, as it gained 67.90 points or 0.62 percent to 11,032.57, driven by promising market conditions.
TASI slipped below the 11,000 level on Nov. 22, 2022, and stayed below the psychological mark until last Friday.
The parallel market Nomu rose 0.76 percent to 20,730.20, and the MSCI Tadawul 30 Index increased 0.59 percent to 1,495.92.
The total trading turnover of the benchmark index was SR4.76 billion ($1.27 billion).
The top performer of the day was Emaar The Economic City, as its share prices surged 9.98 percent to SR9.48.
Other top performers of the day were Al Kathiri Holding Co. and Arabian Pipes Co., whose share prices climbed 9.97 percent and 7.30 percent, respectively.
The worst performer on Sunday was Tihama Advertising and Public Relations Co., whose share prices dropped 4.05 percent to SR24.42.
On the announcements front, Almunajem Foods Co. reported a drop in its profit in the first quarter of 2023 to SR81.9 million from SR97.6 million in the same quarter of 2022.
In a Tadawul statement, the company attributed the fall in net profit to the decrease in profit margins of red and white meat, frozen fruits and vegetables and dairy categories compared to the same quarter of last year.
Meanwhile, Saudi Cement Co.’s shareholders approved the board’s recommendation to distribute cash dividends at SR1.75 a share, or 17.5 percent of the capital, for the second half of 2022.
Earlier in March, Saudi Cement Co. posted a net profit of SR398.8 million in 2022, a 20 percent increase from SR331.9 million a year earlier.
On Sunday, Saudi Arabia’s stock exchange owner Saudi Tadawul Group reported a 35 percent decline in first quarter profit after trading values halved and costs rose.
According to a stock market filing, Tadawul Group’s net profit in the three months to March 31 fell to SR90.8 million from SR140.6 million a year earlier.